Deductions and Credits
Schedule A, line 17 shows a deduction of $18,374. However, only $17,750 appears on form 1040, line 12e. Why didn't the $18,374 transfer? I am filing single, standard deduction. Is there a limit if filing standard deduction?
Schedule A, line 17 shows a deduction of $18,374. However, only $17,750 appears on form 1040, line 12e. Why didn't the $18,374 transfer? I am filing single, standard deduction. Is there a limit if filing standard deduction?
Expert Reviewed
IF the Std Deduction is used instead...maybe either:
1) your taxable income is already being reduced to zero with the StDed.
or
2) I think it is also possible to have some small amount of taxable income, due only to Cap gains and Qualified dividends, and still have a zero tax liability.
In either case, the Std Ded might be preferred to be used, or the default in these cases, such that any state refund you get this year, won't become Federal taxable income next year.
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